Coinbase report: Crypto market structure is more robust after adjustment, Q1 outlook is optimistic.

Coinbase Institutional's latest Charting Crypto report states that after the adjustment at the end of 2025, the crypto market's structural foundation is more solid in the first few months of 2026, market positioning is improving, and the market environment is more balanced, a trend expected to continue into the first quarter. The decline in the fourth quarter of last year helped clear previously accumulated excessive leverage and speculative positions, and the current environment indicates the market is recalibrating rather than returning to aggressive risk-taking. Investor participation remains active but more cautious, and position allocation is more rational and orderly than in previous expansion phases, reducing downside risk and making the market more resilient to shocks. Furthermore, the macro environment is acting as a "buffer." The report states that while uncertainties regarding monetary policy, geopolitics, and regulation remain, these risks are increasingly being priced in and reflected in position structures rather than triggering sudden, sharp fluctuations, thus leading to a more rational and restrained market reaction. (CoinDesk)